UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 25, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series ACE 2005-SD1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-04 Pending
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On January 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series ACE
2005-SD1 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Pass-Through Certificates,
Series ACE 2005-SD1 Trust, relating to
the January 25, 2005 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series ACE 2005-SD1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 1/26/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series ACE 2005-SD1 Trust,
relating to the January 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 12/31/2004
Distribution Date: 1/25/2005
ACE Securities Corporation
Mortgage Pass-Through Certificates
Series ACE 2005-SD1
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 004421KJ1 SEN 2.85000% 112,394,000.00 97,876.44 9,417,771.14
M-1 004421KK8 SEN 3.20000% 15,279,000.00 14,939.47 0.00
M-2 004421KL6 SEN 3.70000% 7,826,000.00 8,847.73 0.00
M-3 004421KM4 SEN 5.95000% 7,081,000.00 12,873.65 0.00
M-4 004421KN2 SEN 5.45000% 1,863,000.00 3,102.41 0.00
CE ACE05SD1C SEN 0.00000% 4,598,579.00 0.00 0.00
P ACE05SD1P SEN 0.00000% 100.00 68,603.94 0.00
R-1 ACE5SD1R1 SEN 0.00000% 0.00 0.00 0.00
Totals 149,041,679.00 206,243.64 9,417,771.14
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 102,976,228.86 9,515,647.58 0.00
M-1 0.00 15,279,000.00 14,939.47 0.00
M-2 0.00 7,826,000.00 8,847.73 0.00
M-3 0.00 7,081,000.00 12,873.65 0.00
M-4 0.00 1,863,000.00 3,102.41 0.00
CE 0.00 6,310,476.69 0.00 0.00
P 0.00 100.00 68,603.94 0.00
R-1 0.00 0.00 0.00 0.00
Totals 0.00 141,335,805.55 9,624,014.78 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 112,394,000.00 112,394,000.00 0.00 9,417,771.14 0.00 0.00
M-1 15,279,000.00 15,279,000.00 0.00 0.00 0.00 0.00
M-2 7,826,000.00 7,826,000.00 0.00 0.00 0.00 0.00
M-3 7,081,000.00 7,081,000.00 0.00 0.00 0.00 0.00
M-4 1,863,000.00 1,863,000.00 0.00 0.00 0.00 0.00
CE 4,598,579.00 4,598,579.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
Totals 149,041,679.00 149,041,679.00 0.00 9,417,771.14 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 9,417,771.14 102,976,228.86 0.91620753 9,417,771.14
M-1 0.00 15,279,000.00 1.00000000 0.00
M-2 0.00 7,826,000.00 1.00000000 0.00
M-3 0.00 7,081,000.00 1.00000000 0.00
M-4 0.00 1,863,000.00 1.00000000 0.00
CE 0.00 6,310,476.69 1.37226667 0.00
P 0.00 100.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
Totals 9,417,771.14 141,335,805.55 0.94829719 9,417,771.14
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1 112,394,000.00 1000.00000000 0.00000000 83.79247237 0.00000000
M-1 15,279,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,826,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 7,081,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 1,863,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 4,598,579.00 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 83.79247237 916.20752763 0.91620753 83.79247237
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 1,372.26666977 1.37226667 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 112,394,000.00 2.85000% 112,394,000.00 97,876.44 0.00 0.00
M-1 15,279,000.00 3.20000% 15,279,000.00 14,939.47 0.00 0.00
M-2 7,826,000.00 3.70000% 7,826,000.00 8,847.73 0.00 0.00
M-3 7,081,000.00 5.95000% 7,081,000.00 12,873.65 0.00 0.00
M-4 1,863,000.00 5.45000% 1,863,000.00 3,102.41 0.00 0.00
CE 4,598,579.00 0.00000% 4,598,579.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 149,041,679.00 137,639.70 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00 0.00 97,876.44 0.00 102,976,228.86
M-1 0.00 0.00 14,939.47 0.00 15,279,000.00
M-2 0.00 0.00 8,847.73 0.00 7,826,000.00
M-3 0.00 0.00 12,873.65 0.00 7,081,000.00
M-4 0.00 0.00 3,102.41 0.00 1,863,000.00
CE 0.00 0.00 0.00 0.00 6,310,476.69
P 0.00 0.00 68,603.94 0.00 100.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 206,243.64 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 112,394,000.00 2.85000% 1000.00000000 0.87083332 0.00000000 0.00000000
M-1 15,279,000.00 3.20000% 1000.00000000 0.97777800 0.00000000 0.00000000
M-2 7,826,000.00 3.70000% 1000.00000000 1.13055584 0.00000000 0.00000000
M-3 7,081,000.00 5.95000% 1000.00000000 1.81805536 0.00000000 0.00000000
M-4 1,863,000.00 5.45000% 1000.00000000 1.66527644 0.00000000 0.00000000
CE 4,598,579.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 0.00000000 0.87083332 0.00000000 916.20752763
M-1 0.00000000 0.00000000 0.97777800 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.13055584 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 1.81805536 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 1.66527644 0.00000000 1000.00000000
CE 0.00000000 0.00000000 0.00000000 0.00000000 1372.26666977
P 0.00000000 0.00000000 686039.40000000 0.00000000 1000.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 9,409,516.12
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 217,000.02
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 68,603.94
Total Deposits 9,695,120.08
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 71,105.30
Payment of Interest and Principal 9,624,014.78
Total Withdrawals (Pool Distribution Amount) 9,695,120.08
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 62,100.70
Credit Risk Manager Fee- Risk Management Group, LLC 2,484.03
Master Servicing Fee 6,520.57
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 71,105.30
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 32 0 0 32
3,829,297.40 0.00 0.00 3,829,297.40
30 Days 147 15 0 0 162
12,893,309.47 1,683,981.63 0.00 0.00 14,577,291.10
60 Days 61 9 2 0 72
5,572,411.08 479,249.18 45,017.49 0.00 6,096,677.75
90 Days 10 7 0 0 17
745,944.78 382,767.43 0.00 0.00 1,128,712.21
120 Days 2 3 0 0 5
136,899.17 206,057.92 0.00 0.00 342,957.09
150 Days 0 5 0 0 5
0.00 318,430.08 0.00 0.00 318,430.08
180+ Days 3 37 0 0 40
228,252.62 2,417,398.26 0.00 0.00 2,645,650.88
Totals 223 108 2 0 333
19,576,817.12 9,317,181.90 45,017.49 0.00 28,939,016.51
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 2.433460% 0.000000% 0.000000% 2.433460%
2.703758% 0.000000% 0.000000% 2.703758%
30 Days 11.178707% 1.140684% 0.000000% 0.000000% 12.319392%
9.103600% 1.189012% 0.000000% 0.000000% 10.292612%
60 Days 4.638783% 0.684411% 0.152091% 0.000000% 5.475285%
3.934522% 0.338384% 0.031786% 0.000000% 4.304691%
90 Days 0.760456% 0.532319% 0.000000% 0.000000% 1.292776%
0.526690% 0.270261% 0.000000% 0.000000% 0.796952%
120 Days 0.152091% 0.228137% 0.000000% 0.000000% 0.380228%
0.096661% 0.145492% 0.000000% 0.000000% 0.242152%
150 Days 0.000000% 0.380228% 0.000000% 0.000000% 0.380228%
0.000000% 0.224834% 0.000000% 0.000000% 0.224834%
180+ Days 0.228137% 2.813688% 0.000000% 0.000000% 3.041825%
0.161163% 1.706856% 0.000000% 0.000000% 1.868019%
Totals 16.958175% 8.212928% 0.152091% 0.000000% 25.323194%
13.822636% 6.578598% 0.031786% 0.000000% 20.433019%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 3 0 0 3
673,419.62 0.00 0.00 673,419.62
30 Days 20 2 0 0 22
4,107,671.07 141,798.75 0.00 0.00 4,249,469.82
60 Days 15 0 1 0 16
2,577,319.42 0.00 35,597.14 0.00 2,612,916.56
90 Days 1 0 0 0 1
100,522.11 0.00 0.00 0.00 100,522.11
120 Days 1 0 0 0 1
69,965.37 0.00 0.00 0.00 69,965.37
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 37 5 1 0 43
6,855,477.97 815,218.37 35,597.14 0.00 7,706,293.48
0-29 Days 1.083032% 0.000000% 0.000000% 1.083032%
1.448728% 0.000000% 0.000000% 1.448728%
30 Days 7.220217% 0.722022% 0.000000% 0.000000% 7.942238%
8.836836% 0.305052% 0.000000% 0.000000% 9.141887%
60 Days 5.415162% 0.000000% 0.361011% 0.000000% 5.776173%
5.544589% 0.000000% 0.076580% 0.000000% 5.621169%
90 Days 0.361011% 0.000000% 0.000000% 0.000000% 0.361011%
0.216253% 0.000000% 0.000000% 0.000000% 0.216253%
120 Days 0.361011% 0.000000% 0.000000% 0.000000% 0.361011%
0.150517% 0.000000% 0.000000% 0.000000% 0.150517%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 13.357401% 1.805054% 0.361011% 0.000000% 15.523466%
14.748195% 1.753780% 0.076580% 0.000000% 16.578555%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 29 0 0 29
3,155,877.78 0.00 0.00 3,155,877.78
30 Days 127 13 0 0 140
8,785,638.40 1,542,182.88 0.00 0.00 10,327,821.28
60 Days 46 9 1 0 56
2,995,091.66 479,249.18 9,420.35 0.00 3,483,761.19
90 Days 9 7 0 0 16
645,422.67 382,767.43 0.00 0.00 1,028,190.10
120 Days 1 3 0 0 4
66,933.80 206,057.92 0.00 0.00 272,991.72
150 Days 0 5 0 0 5
0.00 318,430.08 0.00 0.00 318,430.08
180 Days 3 37 0 0 40
228,252.62 2,417,398.26 0.00 0.00 2,645,650.88
Totals 186 103 1 0 290
12,721,339.15 8,501,963.53 9,420.35 0.00 21,232,723.03
0-29 Days 2.793834% 0.000000% 0.000000% 2.793834%
3.316908% 0.000000% 0.000000% 3.316908%
30 Days 12.235067% 1.252408% 0.000000% 0.000000% 13.487476%
9.233929% 1.620873% 0.000000% 0.000000% 10.854803%
60 Days 4.431599% 0.867052% 0.096339% 0.000000% 5.394990%
3.147917% 0.503703% 0.009901% 0.000000% 3.661522%
90 Days 0.867052% 0.674374% 0.000000% 0.000000% 1.541426%
0.678356% 0.402298% 0.000000% 0.000000% 1.080654%
120 Days 0.096339% 0.289017% 0.000000% 0.000000% 0.385356%
0.070349% 0.216572% 0.000000% 0.000000% 0.286921%
150 Days 0.000000% 0.481696% 0.000000% 0.000000% 0.481696%
0.000000% 0.334678% 0.000000% 0.000000% 0.334678%
180 Days 0.289017% 3.564547% 0.000000% 0.000000% 3.853565%
0.239899% 2.540747% 0.000000% 0.000000% 2.780646%
Totals 17.919075% 9.922929% 0.096339% 0.000000% 27.938343%
13.370451% 8.935780% 0.009901% 0.000000% 22.316132%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 217,000.02
<Table>
Class M-1 21,368,679.00 14.33738478% 23,080,576.69 16.33031106% 10.810424% 0.000000%
Class M-2 13,542,679.00 9.08650459% 15,254,576.69 10.79314377% 5.537167% 0.000000%
Class M-3 6,461,679.00 4.33548457% 8,173,576.69 5.78308990% 5.010054% 0.000000%
Class M-4 4,598,679.00 3.08549865% 6,310,576.69 4.46495258% 1.318137% 0.000000%
Class CE 100.00 0.00006710% 100.00 0.00007075% 4.464882% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000071% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 8.023240%
Weighted Average Net Coupon 7.523240%
Weighted Average Pass-Through Rate 7.450740%
Weighted Average Maturity(Stepdown Calculation ) 281
Beginning Scheduled Collateral Loan Count 1,375
Number Of Loans Paid In Full 60
Ending Scheduled Collateral Loan Count 1,315
Beginning Scheduled Collateral Balance 149,041,679.00
Ending Scheduled Collateral Balance 141,335,805.55
Ending Actual Collateral Balance at 31-Dec-2004 141,628,683.97
Monthly P &I Constant 1,263,459.40
Special Servicing Fee 0.00
Prepayment Penalties 68,603.94
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 266,961.77
Unscheduled Principal 7,438,911.44
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 1,711,897.93
Overcollateralized reduction Amount 0.00
Specified O/C Amount 8,569,896.53
Overcollateralized Amount 6,310,476.69
Overcollateralized Deficiency Amount 2,259,419.84
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 1,711,897.93
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 8.023240%
Weighted Average Net Rate 7.523240%
Weighted Average Pass Through Rate 7.450740%
Weighted Average Maturity 281
Record Date 12/31/2004
Principal and Interest Constant 1,263,459.40
Beginning Loan Count 1,375
Loans Paid in Full 60
Ending Loan Count 1,315
Beginning Scheduled Balance 149,041,679.00
Ending Scheduled Balance 141,335,805.55
Ending Actual Balance at 31-Dec-2004 141,628,683.97
Scheduled Principal 266,961.77
Unscheduled Principal 7,438,911.44
Scheduled Interest 996,497.63
Servicing Fee 62,100.70
Master Servicing Fee 6,520.57
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,484.03
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 925,392.33
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 68,603.94
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 1,711,897.93
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 8,569,896.53
Overcollateralized Amount 6,310,476.69
Overcollateralized Deficiency Amount 2,259,419.84
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Interest Arrearage Amount 934306.25
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.210621 8.426164 8.023240
Weighted Average Net Rate 6.710622 7.926164 7.523240
Weighted Average Maturity 342 250 281
Beginning Loan Count 292 1,083 1,375
Loans Paid In Full 15 45 60
Ending Loan Count 277 1,038 1,315
Beginning Scheduled Balance 49,403,863.98 99,637,814.78 149,041,678.76
Ending scheduled Balance 46,452,089.90 94,883,715.65 141,335,805.55
Record Date 12/31/2004 12/31/2004 12/31/2004
Principal And Interest Constant 331,080.85 932,378.55 1,263,459.40
Scheduled Principal 34,220.38 232,741.39 266,961.77
Unscheduled Principal 2,917,553.70 4,521,357.74 7,438,911.44
Scheduled Interest 296,860.47 699,637.16 996,497.63
Servicing Fees 20,584.94 41,515.76 62,100.70
Master Servicing Fees 2,161.42 4,359.15 6,520.57
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 823.40 1,660.63 2,484.03
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00
Net Interest 273,290.71 652,101.62 925,392.33
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.638121 7.853664 7.450740